PETALING JAYA: Skyworld Development Bhd
had inked a sales and purchase agreement to acquire four adjoining parcels of land in Seberang Perai Tengah, Penang for RM82.7mil cash.
The agreement was entered via its 70%-indirect subsidiary Prefab Master (Penang) Sdn Bhd, with Tan Tio Che @ Tan Chew Cheng.
In a filing with Bursa Malaysia, SkyWorld said the 26.37-acres of land just acquired will be used to build a prefabricated and prefinished volumetric construction factory to manufacture prefabricated prefinished modular systems.
This project will support the joint development projects in Penang undertaken by the group in partnership with the Penang Development Corp and PDC Properties Sdn Bhd.
Slated to be operational by the second half of 2026, the factory is expected to give SkyWorld a competitive edge in pursuing large scale development projects in the future by leveraging its manufacturing capabilities and streamlined supply chains.
The acquisition will be funded with internally generated funds and bank borrowings. Barring any unforeseen circumstances, the acquisition is expected to be completed within three months from the date of the sale and purchase agreement.
